Intapp, a global leader in business applications for professional services firms, today announced Intapp Open 4.0, the latest release of the industry’s leading business acceptance solution. Using Intapp Open, firms can now proactively manage potential client issues by triggering alerts and workflows when specific financial, risk and compliance thresholds are met throughout the client and matter lifecycle.

In addition, Intapp Open 4.0 introduces AI-assisted review and categorization of clients’ outside counsel guidelines, significantly reducing the time and effort it takes a firm to classify the terms of business specified in OCGs, engagement letters and other requirements documents.

Intapp will be showcasing the latest updates to Intapp Open at ILTACON 2017 this week in Las Vegas, Nevada.

Active monitoring and alerting

Many firms already use Intapp Open as part of their AML/KYC compliance programs, taking advantage of the client scoring system which formalizes the evaluation of new business opportunities according to a pre-defined set of rules.

The latest Intapp Open 4.0 release enables firms to extend monitoring of client health indicators beyond the initial intake process, by sending alerts to the finance and risk teams when further action needs to be taken at any point during a client engagement. The system can now send reminders for client AML checks and CDD/EDD reviews to be refreshed on a schedule based on the client’s risk rating, making it straightforward for firms to stay in compliance with monitoring and reporting requirements.

“Intapp Open has had a major impact on how leading firms today evaluate clients and matters, helping firms to make more informed and more strategic decisions based on a wide range of financial, risk and business factors. The latest 4.0 release strengthens the ongoing review process by automating alerts when client due diligence and AML checks need to be revisited, and alerting finance when WIP and AR indicators point to potential issues that need to be addressed,” said Warren Knowles, Director of Product Management for Risk, Intapp.

Other workflows supported by Intapp Open 4.0 include matter maintenance, matter closing and client closing workflows, which can be triggered based on pre-determined WIP thresholds or periods of billing inactivity.

“Failure to maintain and close matters promptly can result in significant costs for law firms – slowing collections, complicating conflicts review, delaying new matter intake, and prolonging records retention unnecessarily. The new active monitoring workflows in Intapp Open are game-changing, and will help to streamline ongoing compliance with AML/KYC requirements as well as the firm’s own policies with regard to risk management, billing and collections, and information governance,” said Eric Mosca, Director of Operations, InOutsource.

AI-assisted terms categorisation

In addition, Intapp Open 4.0 Terms of Business accelerates the review of outside counsel guidelines and other client requirement documents by incorporating natural language processing (NLP) and advanced machine learning capabilities as part of the Intapp Open Terms management system.

Using the AI-assisted terms categorization feature, risk managers and analysts can train the system to classify terms in specific ways, while improving the speed and accuracy of the artificial intelligence engine over time.

Dickinson Wright PLLC, a growing, full-service law firm with over 425 lawyers across 40 practice areas, has adopted the new AI-assisted Intapp Open Terms management system.

“Like many law firms, we are very concerned about outside counsel guidelines. However, reviewing, assessing and tracking each and every client requirement is time-intensive and can be challenging, especially with limited resources,” said Brynn Stevenson, Risk Management Manager, Dickinson Wright. “Intapp’s AI-assisted terms management system is an excellent solution that speeds up the outside counsel guideline review process, and helps us quickly identify concerns that require additional scrutiny and manage ongoing compliance.”

Intapp Open sessions at ILTACON 2017

Intapp will be discussing the latest updates to Intapp Open during the following sessions at ILTACON 2017 (Surf Ballroom F, Level 2):